Did you know? 🤔
If you're 62 or older, a reverse mortgage isn't just for staying in your current home—it may help you purchase your next one!
Yes! Many people are surprised to learn that downsizers can use a reverse mortgage to purchase their next home.
A Home Equity Conversion Mortgage (HECM) for Purchase allows buyers age 62 and older to use proceeds from a reverse mortgage along with a down payment to buy a new primary residence. This can be a great option for homeowners who want to:
✅ Downsize to a smaller home
✅ Move closer to family
✅ Relocate to a one-level or age-friendly home
✅ Preserve savings and investments
✅ Eliminate or reduce monthly mortgage payments*
With a HECM for Purchase, buyers typically bring a significant down payment from the sale of their current home, and the reverse mortgage finances the rest. As long as the home remains their primary residence and they continue to pay property taxes, insurance, and maintain the property, no monthly mortgage payment is required.*
A HECM for Purchase can help qualified buyers downsize, move closer to family, or find a home that better fits their lifestyle while preserving more of their retirement savings.
Thinking about your next move? Let's explore your options and find a home that works for your future.
📞 Nina Sable
🏡 Helping MetroWest homeowners make confident moves at every stage of life.
Borrowers must continue to pay property taxes, homeowners insurance, and maintain the property. Reverse mortgage loans are subject to qualification and lender approval.